A team of real estate and M&A lawyers from Țuca Zbârcea & Asociații acted on the sell-side in one of the most significant office market deals of the year which saw Global Vision purchase Neocity Tower I and Neocity Tower II, two prime-location office buildings in Bucharest. With a total built area of approximately 10,000 square meters, the assets were originally acquired by the current seller from the developer, Neocity Group, having served as Alpha Bank’s headquarters for more than two decades.

The team led by Dragoș Apostol, Partner in the firm’s Real Estate/M&A practice, alongside Senior Associate Iulia Barbu assisted the majority shareholder during the buyer’s legal due diligence process, as well as throughout the negotiation and the signing of the transaction documents.

“This deal is a significant milestone for the Romanian office market as it confirms the robust potential for monetisation and revitalisation of strategically located office buildings. It was a major project involving nearly two years of intense negotiations, during which we worked closely with the legal and real estate advisory teams representing both sides. We thank our client for their trust and professionalism throughout this intricate process, and the buyer’s team at Global Vision for their constructive approach,” said Dragoș Apostol, Partner at Țuca Zbârcea & Asociații.

Built between 2001 and 2004, Neocity Tower I and Neocity Tower II were among the first glass-and-steel office developments in Bucharest, serving as Alpha Bank’s headquarters since 2002. In 2005, a group of investors acquired the towers from the original developer, Neocity Group, and has since managed the assets strategically for over two decades.